NEW YORK (

TheStreet

) -- Shares of

OmniVision Technologies

(OVTI)

jumped in extended trading on Tuesday after the Santa Clara, Calif.-based developer of digital imaging products topped Wall Street expectations with its fiscal second-quarter results.

The company also gave an outlook for the current quarter that's well above the current consensus analyst views.

The stock was last quoted at $29.75, up 5.2%, on volume of around 425,000, according to

Nasdaq.com

. The shares had been weak in Tuesday's regular session, falling almost 3% to finish at $28.29 ahead of the report, but even with that slight pullback, they had doubled since the start of the year.

For the three months ended Oct. 31, OmniVision reported a non-GAAP

generally accepted accounting principles profit of $34.2 million, or 58 cents a share, on revenue of $239.5 million, up more than 24% on a sequential basis. The performance was comfortably ahead of the average estimate of analysts polled by

Thomson Reuters

for earnings of 53 cents a share on revenue of $232.3 million.

OmniVision noted that gross margins also rose on a sequential basis, going to 28.2% from 26.9% in its fiscal first quarter. The company attributed the improvement to "continuing yield improvement in our back side illumination products."

The company sees non-GAAP earnings of 50 to 63 cents a share in its fiscal third quarter with revenue projected to range from $230 million to $250 million. Wall Street is currently looking for earnings of 32 cents a share on revenue of $209.6 million in the January period.

Corinthian Colleges

Shares of

Corinthian Colleges

(COCO)

fell in late trades after the for-profit education company announced the

surprise resignation of its CEO.

The stock was last quoted at $3.92, down 5.3%, with more than 285,000 shares changing hands. The company said Jack Massimino would step back into the CEO role that he filled from November 2004 through July 2009, replacing Peter Waller, who also exited a seat on Corinthian's board.

With its stock down 70% so far in 2010 and the threat of new regulations casting a pall over its prospects, Corinthian was already out of favor on Wall Street ahead of news of Waller's departure. Sixteen of the 17 analysts covering the company are currently at either hold (11), underperform (4) or sell (1).

Omnicare

NYSE-listed

Omnicare

(OCR)

also ticked lower after the closing bell following its news of plans to sell $500 million worth of convertible senior subordinated notes due 2025.

The Covington, Ky.-based provider of pharmacy services for the elderly said it plans to use the proceeds of the deal, which would also include a $75 million over-allotment option, to repurchase up to $525 million worth of an existing tranche of 3.25% convertible debentures due in 2035. It launched a tender offer to buy back those securities on Nov. 17.

At last check, Omnicare shares were off nearly 3% to $22.40 in after-hours action with volume reaching 92,000. Year-to-date, the stock was off 3% based on a regular session close at $23.06.

--

Written by Michael Baron in New York.

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Michael Baron

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